上交所修订发布公募REITs业务规则 推动市场高质量发展

Core Viewpoint - The Shanghai Stock Exchange has revised the rules for Real Estate Investment Trusts (REITs) to enhance market functionality, ensure smooth pilot operations for commercial real estate REITs, and promote high-quality development of the REITs market [1]. Group 1: Basic Rule Enhancements - The scope of the REITs business rules has been expanded to include commercial real estate REITs, covering aspects such as listing review, issuance, trading, and information disclosure [3]. - The review period for initial feedback on submitted materials has been shortened from 30 working days to 20 working days to improve efficiency [3]. - New regulatory measures such as inquiries and on-site supervision have been introduced, emphasizing accountability for intermediaries [3]. Group 2: Standard and Norm Optimization - The rules for review, issuance, expansion, and acquisition of new real estate have been optimized to enhance adaptability and inclusiveness [2]. - The "Review Focus Points Guidelines" have been revised to emphasize materiality and key issues, improving compliance and disclosure requirements for various commercial property types [2]. - The interval for expansion has been reduced to 6 months, enhancing the internal dynamics of the REITs market [2]. Group 3: Strengthening Information Disclosure - The requirements for information disclosure have been enhanced to protect investors' rights, focusing on the quality of periodic and temporary disclosures [4]. - The guidelines for temporary reports, annual reports, and interim reports have been revised to clarify operational disclosure requirements for commercial real estate [4]. - A notification regarding the pilot of commercial real estate REITs has been issued, emphasizing risk prevention, strong regulation, and promotion of high-quality development [4].